Gov: NJ may buy homes

Monday, October 13, 2008
By NEWHOUSE NEWS SERVICE

Gov. Jon Corzine yesterday said the impact from the recent stock market plunge and credit crisis has yet to be fully realized and will likely bring "rising levels of unemployment," adding that New Jersey may try to purchase homes to protect residents from foreclosure.

Speaking yesterday on NBC's "Meet the Press," Corzine proposed the federal government buy the mortgages at market value then restructure them, and possibly buy houses outright.

A short time later, in an appearance on WABC's "Eyewitness News Up Close," Corzine indicated he would follow his own advice, suggesting the state would be buying homes.

"We're going to do some on-the-ground purchases of homes," he said.

He vowed to "protect neighborhoods" from being devastated by large numbers of foreclosures, which lower the values of nearby houses.

Corzine this week is expected to unveil his own broad economic stimulus package to boost the state's economy.